Few stocks have been as hot as Palantir Technologies (PLTR 1.64%) in 2025. Shares of the artificial intelligence (AI) software company have skyrocketed close to 80% year to date.

However, if we only look at the last three months, IonQ (IONQ -2.38%) has been an even bigger winner than Palantir. Will IonQ stock trounce Palantir in the second half of 2025?

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A tale of two technologies

One of the best ways to succeed in investing is to spot rising stars in up-and-coming industries. IonQ and Palantir fit the bill to a T.

IonQ is a pioneer in quantum computing. The technology is based on some truly mindblowing physics principles, notably including quantum entanglement, a state in which two particles are connected no matter how far apart they are.

Quantum computing holds the potential to revolutionize multiple areas, from AI to climate modeling to drug discovery. IonQ’s technology has a leg up on its rivals with its low error correction overhead. Its quantum hardware is available on all three of the largest cloud platforms, a claim that no other quantum computing company can make.

Meanwhile, Palantir Technologies is a leader in AI and data analytics software. The company’s Gotham and Foundry software platforms help customers transform large amounts of information into an integrated data asset. Its Artificial Intelligence Platform uses large language models (LLMs) alongside Gotham and/or Foundry. Palantir Apollo coordinates the delivery of software updates and platform configurations of critical systems.

AI is already helping commercial and government organizations achieve significant operational efficiencies. However, the long-term opportunities with AI could go much further, including designing entirely new products and performing tasks that previously could only be handled by humans.

How IonQ and Palantir stack up against each other

IonQ is much smaller than Palantir. Its market cap is hovering around $10 billion versus a market cap of $319 billion for Palantir.

Both companies boast an impressive lineup of customers. IonQ’s customers and partners include Accenture, Goldman Sachs, and Hyundai. Palantir’s biggest customer is the U.S. government. It has also attracted many commercial customers, including AIG, Archer Aviation, and Citigroup.

When it comes to financials, Palantir outclasses IonQ considerably. The software company generated revenue of $884 million in the first quarter of 2025, up 39% year over year. IonQ’s Q1 revenue of $7.6 million was lower than its prior year period total.

Palantir is also highly profitable, while IonQ isn’t. In Q1, Palantir reported earnings of more than $214 million. IonQ posted a net loss in Q1 of $32.3 million.

But what about growth prospects? IonQ appears to hold the advantage. The company expects its full-year revenue will soar roughly 98% year over year in 2025. Palantir projects revenue growth this year of around 36%.

Both stocks are valued at a high premium. IonQ’s price-to-sales (P/S) ratio is 201 compared to Palantir’s P/S multiple of around 109. However, Palantir’s anticipated stronger growth could make its valuation more attractive than Palantir’s.

Which stock will be the bigger winner?

I think both IonQ and Palantir Technologies stocks could keep their momentum going in the second half of the year. Both are risky bets, though, because of their nosebleed valuations.

Which is more likely to be the bigger winner by the end of 2025? It could be Palantir, especially if President Trump’s “One, Big, Beautiful Bill” becomes law and the company wins a major contract to help develop the Golden Dome missile defense system.

However, I’ll go out on a limb and pick IonQ over Palantir, although I wouldn’t go as far as to predict IonQ stock will trounce Palantir. To be sure, IonQ must deliver on its revenue growth projections for its stock to beat Palantir. If it does, though, this small quantum computing stock could become even hotter than it’s been in recent months.